Retail Media M&A Activity Picks Up in 2Q'23

Retail media is one of the fastest-growing media markets in the U.S., with U.S. retail media projected to reach $61BN in ad spending for 2024, yielding a CAGR of ~33% from 2019-2024.

Today’s retailers have realized that retail media markets are a powerful way to generate profits and invest those to create sustainable differentiation online and in-store, said Aron Bohlig, Co-Founder and Managing Partner, ComCap Holdings LLC. “This is why over the last few years, we’ve seen more and more retailers enter the space. With everyone from Amazon and Walmart to smaller retail stores looking to take advantage of retail media networks, our research shows that we can anticipate seeing the industry continue to reach new heights in both M&A and private sector investments as we look to 2024.”

Key themes for 2023-2024:

In addition, top retailers, including Target, Walmart, Amazon, CVS, and others have recognized the opportunity to monetize their shopper loyalty program data and have launched their own Retail Media Networks. Certain highlights on their recent ad revenue activity include:


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